Regulation 2 The Financial Services and Markets Acts 2000

(1)

The Financial Services and Markets Act 2000^f1 is amended as follows.

(2)

In section 347 (the record of authorised persons etc)—

(a)

in subsection (2A)^f2—

(i)

at the end of paragraph (a) insert “and”;

(ii)

at the end of paragraph (b)(ii) omit “and”;

(iii)

omit paragraph (c);

(b)

in subsection (3A)^f3, for the words from “result” to “power” substitute “result of a cancellation of that person’s Part 4A permission under section 55J^f4 because one or more of the conditions in section 55K(1)(b) to (d) was met, the power”;

(c)

in subsection (8A)^f5 omit the definition of “exempt investment firm”.

(3)

In section 349 (exceptions from section 348)—

(a)

in subsection (3A)^f6—

(i)

in paragraph (a) for “a recipient to which subsection (3B)^f7 applies” substitute “the Panel on Takeovers and Mergers”;

(ii)

in paragraph (b) for “a recipient to which subsection (3B) applies” substitute “the Panel on Takeovers and Mergers”;

(b)

omit subsection (3B);

(c)

omit subsection (5)(b);

(d)

in subsection (5)(c), after “similar functions” insert “to those referred to in paragraph (a)”.

(4)

In section 353A (information received from the Bank of England)^f8 omit subsection (6)(d).

(5)

In section 354A (FCA’s duty to co-operate with others)^f9—

(i)

omit subsection (3)(b);

(ii)

in subsection 3(c) omit “other”.

(6)

Omit sections 354D (information under the markets in financial instruments directive) to 354H (information under the Insurance Distribution Directive)^f10.

Annotations

Footnotes

f1: 2000 c.8.
f2: Subsection (2A) was inserted by paragraph 12 of Schedule 5 to S.I. 2007/126 and was amended by paragraph 16 of Schedule 12 to the Financial Services Act 2012 (c.21) and paragraph 44 of Schedule 2 to S.I. 2017/701.
f3: Subsection (3A) was inserted by paragraph 44 of Schedule 2 to S.I. 2017/701.
f4: Section 55J was inserted by section 11 of the Financial Services Act 2012 (c.21).
f5: Subsection (8A) was inserted by section 34 of the Financial Services (Banking Reform) Act 2013 (c.33). The definition of “exempt investment firm” was inserted in sub-section (8A) by paragraph 44 of Schedule 2 to S.I. 2017/701.
f6: Subsection (3A) was inserted by section 964(4) of the Companies Act 2006 (c.46).
f7: Subsection (3B) was inserted by section 964(4) of the Companies Act 2006 (c.46).
f8: Section 353A was inserted by paragraph 24 of Schedule 12 to the Financial Services Act 2012 (c.21).
f9: Sections 354A to 354C were substituted for section 354 by paragraph 25 of Schedule 12 to the Financial Services Act 2012 (c.21).
f10: Sections 354D to 354G were inserted by regulation 3 of S.I. 2016/1095. Section 354H was inserted by article 15 of S.I. 2018/546.